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Wednesday, 10 May 17
MARKET INSIGHT - INTERMODAL
 Up until a few weeks ago, demo deals were being concluded at just a fraction below $400/ldt. Last time we saw demo prices around that level was in May 2015. But over the past few weeks, the scene has completely changed. There is an apparent lack of demolition candidates, while demo prices in the Indian subcontinent have lost over $30/ldt on average during the same period. Bangladesh and Pakistan were competing quite strongly offering a small premium over India’s Alang prices. However, the recent heavy decline in local steel plate prices has forced most end buyers to reduce their offering price.
In view of the restocking ahead of the monsoon season in late May –June and the annual budgets in Pakistan and Bangladesh during the same period, we remain to see if rumors of any new duties/taxes will come into effect for the respective domestic ship-recycling sectors, and how such developments will affect scrap buyers appetite.
We have to keep in mind that at the moment only Bangladesh and India can cut gas free and clean for hot works tanker vessels, as after the fatal accidents that took place in Pakistan earlier this year, there is still a total ban on the demolition of all wet units in the country.
Scrap prices are mainly dictated by steel demand and steel prices and these are subsequently affected by iron ore commodity prices. Iron ore prices had climbed from below $60/ton in Oct 2016 to approximately $96/ton in February this year. Since then, the price of the commodity has constantly dropped to settle at low $60/ton levels and at the end of last week when a full-scale retreat took place, with futures in China, Dalian Iron Ore witnessing a limit down on investor concern in regards to demand outlook.
It seems that the deleveraging of China's $4 trillion shadow banking system just accelerated massively as Bank Wealth Product Issuance crashed 15% month-over-month. With stocks and bonds already plunging, commodities joined the decline that came after tightened regulation on macro-prudential assessment and interbank business. According to the China Iron and Steel Association, there is still room for iron ore to decline further amid oversupply with imports and port stockpiles remaining at high levels that further support oversupply.
Over the past months, Capes and Panamaxes freight rates increased significantly by demand for more shipments, together with record steel production in China, and that has helped boost stockpiles at local ports. After peaking at a record 132.5 million tons in March, stockpiles have held near that level, according to Shanghai Steelhome E-Commerce Co.
Since the end of March though the BCI has lost more than 1,100 points and the average earnings quoted by the Baltic Exchange have dropped from $20,650/day to $12,446/day today. Is it time to panic? The reality is that we are still way above the $1,985/day the big bulkers were earning in March 2016, but signs are indicating a slowdown in demand that inevitably always leads to pressure on earnings. As we are all waiting to see how long will this pressure last, all hopes for sustained positive sentiment in the dry bulk market have now been placed on the grains trade that could potentially make up for some of the lost momentum due to the slowdown Capesizes are currently witnessing.
By John N. Cotzias
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 08 February 17
MARKET INSIGHT - PANOS MAKRINOS
The challenges the oil market has witnessed since the end of 2014 has resulted in a crisis for the global offshore oil and gas exploration industry ...
Tuesday, 07 February 17
WE ARE STILL RIDING ON A WAVE OF MARKET IMPROVEMENT, WITH THE GLOBAL TRADE OF MOST COMMODITIES STILL SHOWING SIGNS OF IMPROVING GROWTH - GEORGE LAZARIDIS
The end of 2016 came with a rejuvenated sentiment amongst most traders and investors, in part through the sigh of relief that 2016 was finally comi ...
Monday, 06 February 17
AFTER MONTHS OF GAINS, THE INDONESIAN GOVERNMENT DECLARED MONTHLY COAL BENCHMARK PRICE IS STEADILY DROPPING
COALspot.com: Over the past two months, the HBA of Indonesian thermal coal has dropped around 18.06 percent. It sank to $ 83.32 per ton for Februar ...
Monday, 06 February 17
THE FREIGHT MARKET CONTINUED ITS DOWNFALL IN ALL SEGMENTS
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was declined in all segments week ending 27 January. The fall was cont ...
Friday, 03 February 17
KOMIPO INVITES BIDS FOR 1.13 MILLION TONS OF BITUMINOUS COAL FOR Q2' 17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 1,130,000 Metric Tons of Bituminous coal f ...
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- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- White Energy Company Limited
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
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